SIMMER AND JACK MINES, LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1924/007778/06)

Share code: SIM ISIN: ZAE000006722

("the Group" or "Simmers")

Directors: R A R Kebble (Non-executive), G T Miller (CEO), J Berry, H C
Buitendag, J Stratton (Australian)

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2004 AND

WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

ABRIDGED CONSOLIDATED INCOME STATEMENTS

                                     Unaudited       Unaudited                 
                                                                               
                                    Six months      Six months          Audited
                                                                               
                                         ended           ended         year end
                                                                               
                                   30 Sep 2004     30 Sep 2003    31 March 2004
                                                                               
                       Notes             R'000           R'000            R'000
                                                                               
Revenue                                 23 205          18 837           38 381
                                                                               
Cost of sales                         (31 869)        (26 710)         (51 656)
                                                                               
Gross operating loss                   (8 664)         (7 873)         (13 275)
                                                                               
Corporate expenses                     (1 215)         (1 006)         (10 663)
                                                                               
Operating loss                         (9 879)         (8 879)         (23 938)
                                                                               
Income from                                                                    
                                                                               
investments                                 34              63               95
                                                                               
Finance charges        3               (4 156)         (2 633)          (5 775)
                                                                               
Loss for the period                   (14 001)        (11 449)         (29 618)

ABRIDGED CONSOLIDATED                                                          
BALANCE SHEETS                                                                 
                                                                               
                                        Unaudited      Unaudited        Audited
                                                                               
                                            as at          as at          as at
                                                                               
                                      30 Sep 2004    30 Sep 2003  31 March 2004
                                                                               
                       Notes                R'000          R'000          R'000
                                                                               
ASSETS                                                                         
                                                                               
Non-current assets                         63 481         62 281         62 207
                                                                               
Mining assets                              63 153         62 083         61 879
                                                                               
Environmental                                                                  
                                                                               
Rehabilitation                                                                 
                                                                               
Trust Fund                                    328            198            328
                                                                               
Current assets                              6 097          5 231          6 562
                                                                               
Cash and cash                                                                  
                                                                               
equivalents                                   478            346          1 319
                                                                               
Other current assets                        5 619          4 885          5 243
                                                                               
                                           69 578         67 512         68 769
                                                                               
EQUITY AND                                                                     
                                                                               
LIABILITIES                                                                    
                                                                               
Equity capital and                                                             
                                                                               
accumulated loss                          (8 418)         23 751          5 583
                                                                               
Shareholders'                                                                  
                                                                               
interest                                  (8 419)         23 750          5 582
                                                                               
Minority                                                                       
                                                                               
shareholders'                                                                  
                                                                               
interest                                        1              1              1
                                                                               
Non-current                                                                    
                                                                               
liabilities                                69 097         37 594         56 357
                                                                               
Shareholder 's loan    2                   66 555         36 524         53 853
                                                                               
Obligations under                                                              
                                                                               
instalment sale                             1 742            431          1 704
                                                                               
Environmental                                                                  
                                                                               
rehabilitation                                                                 
                                                                               
provision                                     800            639            800
                                                                               
Current liabilities                         8 899          6 167          6 829
                                                                               
Interest bearing                                                               
                                                                               
borrowings             3                      757            382            777
                                                                               
Trade and other                                                                
                                                                               
payables                                    8 142          5 785          6 052
                                                                               
                                           69 578         67 512         68 769
                                                                               
Ordinary shares in                                                             
                                                                               
issue ('000)                              215 432        215 432        215 432
                                                                               
Treasury shares �                                                              
                                                                               
Share Incentive                                                                
                                                                               
Trust ('000)                             (11 990)       (12 000)       (12 000)
                                                                               
Adjusted shares in                                                             
                                                                               
issue at end of                                                                
                                                                               
period ('000)                             203 442        203 432        203 432
                                                                               
Net asset value per                                                            
                                                                               
share (cents)                               (4,1)           11,7            2,7
                                                                               
Headline earnings                                                              
                                                                               
per share (cents)*                          (6,9)          (5,6)         (14,6)
                                                                               
Earnings per share                                                             
                                                                               
(cents)*                                    (6,9)          (5,6)         (14,6)
                                                                               
*Based on weighted                                                             
                                                                               
average number of                                                              
                                                                               
shares                                                                         
                                                                               
in issue ('000)                           203 442        203 442        203 442

ABRIDGED CONSOLIDATED                                                          
CASH FLOW STATEMENTS                                                           
                                                                               
                                       Unaudited      Unaudited                
                                                                               
                                      Six months     Six months         Audited
                                                                               
                                           ended          ended        year end
                                                                               
                                     30 Sep 2004    30 Sep 2003   31 March 2004
                                                                               
                       Notes               R'000          R'000           R'000
                                                                               
Cash flows from                                                                
                                                                               
operating                                                                      
                                                                               
activities                               (6 173)        (5 553)        (15 454)
                                                                               
Cash flows from                                                                
                                                                               
investing                                                                      
                                                                               
activities                               (3 386)        (3 210)        (13 413)
                                                                               
Cash flows from                                                                
                                                                               
finance activities                         8 349          7 712          29 171
                                                                               
Net                                                                            
                                                                               
(decrease)/increase                                                            
                                                                               
in cash and                                                                    
                                                                               
cash equivalents                         (1 210)        (1 051)             304
                                                                               
Cash and cash                                                                  
                                                                               
equivalents at                                                                 
                                                                               
beginning of period                        1 319          1 015           1 015
                                                                               
Cash and cash                                                                  
                                                                               
equivalents at                                                                 
                                                                               
beginning of period                        1 319          1 015           1 015
                                                                               
Cash and cash                                                                  
                                                                               
equivalents at end                                                             
                                                                               
of period                                    109           (36)           1 319

STATEMENT OF CHANGES IN EQUITY                                                 
                                                                               
Treasury shares �                                                              
                                                                               
                                          Share         Share   Share Incentive
                                                                               
                                        capital       premium             Trust
                                                                               
                                          R'000         R'000             R'000
                                                                               
Balance as at 1 April 2003                4 307       106 543           (1 200)
                                                                               
Net loss for the year                                                          
                                                                               
Treasury shares sold 1                                                         
                                                                               
Balance as at 31 March 2004               4 307       106 543           (1 199)
                                                                               
Net loss for the period                                                        
                                                                               
Balance as at 30 September 2004           4 307       106 543           (1 199)
                                                                               
                                    Accumulated                                
                                                                               
                                           loss         Total                  
                                                                               
                                          R'000         R'000                  
                                                                               
Balance as at 1 April 2003             (74 451)        35 199                  
                                                                               
Net loss for the year                  (29 618)      (29 618)                  
                                                                               
Treasury shares sold 1                                                         
                                                                               
Balance as at 31 March 2004           (104 069)         5 582                  
                                                                               
Net loss for the period                (14 001)      (14 001)                  
                                                                               
Balance as at 30 September 2004       (118 070)       (8 419)                  

Notes:

1. The provisional results are prepared on the historical cost basis. The
accounting policies adopted by the Group are in accordance with South African
Statements of Generally Accepted Accounting Practices and are consistent with
those of the previous year.

2. The major shareholder has deferred its right to claim or accept any
repayment of this loan until the Group's assets, fairly valued, exceed its
liabilities.

3. Included in interest bearing borrowings are bank overdrafts totalling R369
000 (31/3/04: � Nil, 30/9/03: � R382 000).

Commentary

The last 18 months have been difficult from an operational perspective; a
situation that has been compounded by the ongoing strength of the Rand. The
board of directors has taken strong measures to rectify this loss-making
situation and the following steps have been implemented:

* On Monday 8 November 2004 the board of directors announced on SENS the
resignation of Mike McChesney and the appointments of Gordon Miller as Chief
Executive Officer and John Berry as an Executive Director. In view of the
restructured board, the board would like to take this opportunity of expressing
their appreciation to Mike for his valued contribution to Simmers. The board
wishes Mike every success in his future endeavours. Gordon joined the JCI Group
in 2003. His extensive operational and leadership experience will be invaluable
in achieving the growth objectives of Simmers. Additionally, John Berry, has
accepted the post of executive director. John has a legal background and has
been actively involved in the growth strategy of Randgold & Exploration Company
Limited.

* Skilled management is a pre-requisite for the success of the organisation. To
this end the board is committed to ensuring that the mine has a strong
management team, responsible for operations and growth opportunities in the
Pilgrims Rest area. A new and highly experienced management team has been
appointed to run the operations. This team will be headed up by Mark Glasspool,
formerly a mine manager with the Harmony Group, which he joined after working
for Gengold for a number of years. This arrangement will replace the management
contract with Cheston Minerals (Pty) Limited, which has been terminated with
effect from 1 December 2004.

* Makonjwaan Mining Company Limited, which operates the loss making Lily Mine,
has been disposed of for R3 million. The financial effects of this transaction
will be reflected in the results for the next six months.

* A detailed review of the operations at Transvaal Gold Mining Estates is being
undertaken, with particular emphasis on growing the ore reserve position and
reducing costs.

* Current investigations have determined numerous opportunities to increase
gold production and work is underway to establish detailed technical and
financial plans to convert these opportunities to reality.

Withdrawal of cautionary announcement

Shareholders are referred to the cautionary announcement that accompanied the
recent trading update published on 19 November 2004. With the publication of
these interim results, the cautionary is hereby withdrawn.

By order of the Board

Consolidated Mining Management Services Limited

Secretaries

Johannesburg

24 November 2004

Transfer secretaries                                                           
                                                                               
South Africa                            United Kingdom                         
                                                                               
Computershare Investor                  Capita Registrars                      
                                                                               
Services 2004 (Pty) Ltd                 The Registry                           
                                                                               
Ground Floor                            34 Beckenham Road                      
                                                                               
70 Marshall Street                      Beckenham                              
                                                                               
Johannesburg, 2001                      Kent, BR3 4TU                          
                                                                               
Republic of South Africa                                                       
                                                                               
Investor Relations                      Registered office                      
                                                                               
George Poole                            3rd Floor                              
                                                                               
Tel +2711 688 5100                      28 Harrison Street                     
                                                                               
Fax +2711 836 3757                      Johannesburg, 2001                     
                                                                               
Email: gpoole@jci.co.za                 Republic of South Africa               
                                                                               

Sponsor

RIVER GROUP

Block C, 1st Floor

Parcnouveau

225 Veale Street

Brooklyn

0181



END



Simmer & Jack (LSE:SJM)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024 Plus de graphiques de la Bourse Simmer & Jack
Simmer & Jack (LSE:SJM)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024 Plus de graphiques de la Bourse Simmer & Jack